Fidelity still engaged in capital raise negotiations

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  • The cautionary is the 11th so far
  • Transaction involves the restructuring of the company’s capital structure

Harare- Fidelity Life Assurance has issued yet another further cautionary statement as it is still engaged in discussions that involve a potential transaction that may have impact the value of the Company’s shares.

The latest cautionary statement brings the total number of cautionaries to 11 since the issuance of the first one on 22 July 2019 and subsequent updates on 27 August, 23 September, 14 October, 04 November, 25 November, 16 December 2019, 06 January 2020, 27 January 2020 and 17 February 2020.

“…the Directors of Fidelity Life Assurance Zimbabwe Limited wish to advise shareholders and the investing public that the company is still engaged in discussions that involve a potential transaction that may have a material impact on the value of the Company’s shares”, the company said.

The transaction involves the restructuring of the company’s capital structure through the issuance of shares by way of a rights offer.

In a statement issued on the ZSE the company said further details of the transaction will be provided once discussions have been finalised.

Fidelity had to restructure its business to its core mandate of insurance after trying out diversification through venturing into property development.

As the Company looks into growing its business it has since indicated that its future prospects are anchored on three strategic pillars; Growth, Brand Repositioning and Sound Corporate Governance.

Under its banner, the Fidelity Group has these companies; Fidelity Life (asset management, medical aid society, financial services), Fidelity (funeral assurance) and Zimbabwe Actuarial (consultants).

The company has operations in Zimbabwe and Malawi, with the latter offering products for life assurance and pensions.

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